CPF Interest

[Papermate]

I just checked my CPF Account. Interest crediting was still in progress, and there was a message which said that it would be completed by the 3rd working day of this month.

I thought that with a powerful computer software, it should be instantaneous? Why need 3 working days???

 

[limpoop]

I just checked my CPF Account. Interest crediting was still in progress, and there was a message which said that it would be completed by the 3rd working day of this month.

I thought that with a powerful computer software, it should be instantaneous? Why need 3 working days???

Agreed! In this computer & Internet age, why can't CPF credit our interests every month instead of every year?

But since "CPF is not our money" and you can't tale out easily, why border to credit interests so fast

BTW RA's interested was credited on 31 Dec.

 

[henrylbh]

Today, my cpf homepage is new - different from last year.

 

[nekoarc]

It's safer for CPF to do such a critical process during working hours so that they have call-centre and technical staff on standby if anything breaks.

It's also good practice to under-promise (3 working days) and over-deliver (hopefully done tomorrow?).

 

[BBCWatcher]

I do business with many financial institutions that take a couple days (or more) to run end of year statements, including interest credits. And it’s perfectly fine. One’s relationship with CPF usually spans many decades, or even a century.

One fairly unusual aspect of CPF is that they’ve got to back out contributions that exceeded the CPF Annual Limit before they calculate and credit interest. Those contribution reversals are a bit complicated.

 

[hwmook]

I do business with many financial institutions that take a couple days (or more) to run end of year statements, including interest credits. And it’s perfectly fine. One’s relationship with CPF usually spans many decades, or even a century.

One fairly unusual aspect of CPF is that they’ve got to back out contributions that exceeded the CPF Annual Limit before they calculate and credit interest. Those contribution reversals are a bit complicated.

Using a computer is never complicated, you just set the parameters and everything is done.

 

[BBCWatcher]

Using a computer is never complicated, you just set the parameters and everything is done.

You’re funny.

The computer doesn’t care, but people do. The reversal part has to wait for payment processing to “settle,” the classic “T+2” (or “T+N”) stuff. And why does that exist? Humans, and human behavior....

....Or, if you prefer, CPF could close its books on December 23 (or something like that), disallow any contributions after that (including the pre-10:00 a.m. last business day of the year paper checks), and then we could all see correct interest figures on January 1 at 12:01 a.m. Anybody want to vote for that approach?

 

[AnTiLooP]

Does anyone know when the interest rates will be credited for 2017 ?

EDIT:

oh, just saw this:

Interest crediting is in progress and will be completed by the 3rd working day.

----

so guess it will be credited 4th Jan or something.

 

[badsector]

Does anyone know when the interest rates will be credited for 2017 ?

EDIT:

oh, just saw this:

Interest crediting is in progress and will be completed by the 3rd working day.

----

so guess it will be credited 4th Jan or something.

if u check past statement. all interest credit on 31 Dec. then excess for FRS/BHS transferred to OA/SA on 3rd Jan

 

[AnTiLooP]

​

if u check past statement. all interest credit on 31 Dec. then excess for FRS/BHS transferred to OA/SA on 3rd Jan

well, but apparently i think they slack cause interest is not yet in and that they have the foot note there as i have pasted.

 

[kehyi4]

well, but apparently i think they slack cause interest is not yet in and that they have the foot note there as i have pasted.

CPF does that every year lah, not just this year. Last year (Jan 2017), interest turned up only on 4 Jan (iirc), but the effective date remained 31 Dec

 

[badsector]

​

well, but apparently i think they slack cause interest is not yet in and that they have the foot note there as i have pasted.

just saying... tats the actual date interest credited irregardless how long it takes them to generate the statement.

if i recall correctly. 2016 statement ready on 7th Jan 2017

 

[AnTiLooP]

alright, got it guys. thanks for clarifying.

 

[badsector]

alright, got it guys. thanks for clarifying.

btw, am i missing something?
why the urgency here to know the credit amount?

 

[pcmdan]

btw, am i missing something?
why the urgency here to know the credit amount?

They see Liao they feel song

Give govt tax $10k ur CpF interest fetch u $30k net net..u net gain 20k haha

 

[AnTiLooP]

btw, am i missing something?
why the urgency here to know the credit amount?

hitting minimum sum, so nice to know that i pass that mark and that I can start to plan to withdraw surplus of BRS.

 

[luei74]

last year was 4th of jan, safer bet should be 4th or 5th of jan 2018

 

[BBCWatcher]

hitting minimum sum, so nice to know that i pass that mark and that I can start to plan to withdraw surplus of BRS.

Why would you rationally withdraw "on demand" funds that are paying a higher interest rate than any bank account offers? Are you facing a cash crunch -- have credit card or loan shark debt to repay, as examples?

 

[numbers]

Why would you rationally withdraw "on demand" funds that are paying a higher interest rate than any bank account offers? Are you facing a cash crunch -- have credit card or loan shark debt to repay, as examples?

cos some people believe CPF money is not theirs until taken out. That's why every election opposition uses this tactic to get votes, saying cpf is scam and not our money

 

[pcmdan]

cos some people believe CPF money is not theirs until taken out. That's why every election opposition uses this tactic to get votes, saying cpf is scam and not our money

Though I am for cPF but to certain extend is not wrong...u cant even withdraw at will..can't use it during an emergency...not wrong

If is truly yours..it should be able to withdraw when u need it.

Govt like to span it like is for retirement plan and stuff...but someone who is already dying with all the medical bills I dont think still can wait till 65? Haha